Henry Davidson Developments (HDD)
Print this pageContinuing strength of demand for floor space from food retailers has rewarded our decision to acquire the whole of the Henry Davidson Development (HDD) business early in 2010.
HDD had been a strategic partner of the Group since 2007, specialising in the development of local shopping centres, in particular within new residential schemes, and we acquired the whole of the business in March 2010. We consider that HDD has significant growth potential as it focuses on food store anchored development, an area where occupier demand remains high; however, the business needed a firmer capital base in order to capture this growth and secure its pipeline of opportunities. The full integration of the business has been implemented and HDD has achieved a number of notable successes in the year.
At Stanground in Peterborough, planning permission was secured for a 45,000 sq. ft. food store led development. The land consented for food store use was sold to Morrisons, producing a profit of £0.5 million.
At Lawley, Telford10, planning consent was achieved for a mixed-use scheme anchored by a 35,000 sq. ft. food store, which has been pre-let to Morrisons, and further retail, residential and ancillary uses. Funding discussions with institutional partners are now under way ahead of a start on site in 2011.
Planning permission has also been received for a circa 50,000 sq. ft. leisure scheme in Llanelli11, Carmarthenshire, including a 53-key hotel and offices. HDD has secured pre-lets on 50 per cent of the accommodation and the scheme will commence on site in April 2011, with a target completion date of autumn 2012, by which time further lettings should have been secured.
At Bannerbrook12 in Coventry, HDD completed a 10,800 sq. ft. retail parade, with seven of the eight units let in advance of practical completion. The asset will be marketed for institutional sale in the Spring.
HDD continues to secure new opportunities and three new projects have been added in 2010.
Further reading
StangroundPeterborough
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10LawleyTelford
11LlanelliCarmarthenshire
12BannerbrookCoventry